Juungar Banner has signed two supplementary agreements, one with Zhongshang Lianhe Construction Development Group Co and one with Beijing Powertech Technology Co, to jointly build an advanced composite collector equipment manufacturing project and a new energy battery composite collector production project, respectively. The two sides reached consensuses on the preparation, implementation, and industry extension of the projects.

The two projects boast world leading composite collector equipment and production technology. The advanced composite collector equipment manufacturing project involves a total investment of about 4 billion yuan ($551 million) and is designed with an annual production capacity of 100 evaporators.

The project is divided into two phases. The first phase, with a designed annual production capacity of 40 evaporators and expected output value of 2 billion yuan, is set to start construction before April and the equipment will be completed in September. The second phase is designed with an annual production capacity of 60 evaporators and has an expected output value of 3 billion yuan.

The new energy battery composite collector production project involves a total investment of about 6 billion yuan and designed with an annual production capacity of 600 million square meters. The project is divided into two phases: the annual production capacity of the first will be 240 million square meters, while the second will be 360 million square meters.

The first phase is planned to start construction in October and is expected to produce 600 million square meters of products before the end of 2026.

The two projects are crucial to Juungar Banner's efforts to bolster its strategic high-tech sector and provide a major boost to the banner's "518" industrial development plan. The plan's name refers to five leading industries, one core industry, and eight economic forms of business.